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Derivative Liabilities | 12 Months Ended
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Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Liabilities | Note 8. Derivative Liabilities Milestone II Convertible Notes (Note 7) contained variable conversion provisions based on the future price of the Company’s common stock, resulting in the potential issuance of an indeterminate number of shares of common stock upon conversion. The Company measured the fair value of the derivative resulting from the variable conversion provisions each reporting period. The fair value was reported as a derivative liability in the accompanying consolidated balance sheets and the change in value was recorded as a gain or loss in the accompanying consolidated statements of operations. On May 26, 2021, the Milestone II Convertible Notes were settled. Upon extinguishment, the derivative liability was revalued to $25,170, which resulted in a gain of $16,305 for the year ended December 31, 2021. The fair value of the derivative liabilities for Milestone II Convertible Notes was calculated using the Black-Scholes model using the following assumptions: Schedule of Fair Value of the Derivative Liability
|  | 26-May-21 |  |  | 31-Dec-20 |
Expected life |  |  | 0.46 |  |  |  | 0.92 |
Volatility (based on comparable company) |  |  | 101.32 | % |  |  | 120.38 | %
Risk Free interest rate |  |  | 0.04 | % |  |  | 0.1 | %
Dividend yield (on common stock) |  |  | - |  |  |  | - |
The following table provides a reconciliation of the beginning and ending balances for the Company’s derivative liabilities measured at fair value on a recurring basis using Level 3 inputs: Schedule of Derivative Liability Measured at Fair Value on a Recurring Basis
December 31, 2019 |  | $ | 211,028 |
Initial derivative value - March 20, 2020 |  |  | 13,527 |
Extinguishment of derivative upon debt conversion and extension |  |  | (26,540 | )
Net gain from change in fair value |  |  | (156,540 | )
December 31, 2020 |  |  | 41,475 |
Extinguishment of derivative upon debt settlement |  |  | (25,170 | )
Net gain from change in fair value |  |  | (16,305 | )
December 31, 2021 |  | $ | - |
The following table presents the Company’s fair value hierarchy for applicable assets and liabilities measured at fair value as of December 31, 2021 and December 31, 2020: Schedule of Fair Value Hierarchy of Assets and Liabilities
|  |  | Level 1 |  |  |  | Level 2 |  |  |  | Level 3 |  |  |  | Total |
Derivative Liability December 31, 2021 |  | $ | - |  |  |  | - |  |  |  | - |  |  | $ | - |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Derivative Liability December 31, 2020 |  | $ | - |  |  |  | - |  |  |  | 41,475 |  |  | $ | 41,475 |

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123477628&loc=d3e90205-114008 + Details
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